Ever Wish You Weren't the Boss? Here's Why You Need a Growth Plan

Running a small business can often feel overwhelming, especially when you're faced with making strategic decisions on your own. Many, if not every entrepreneur I have ever met (including myself), have found themselves wishing they had a boss to guide them through these tough moments.

If this resonates with you, it’s time to consider the power of a growth plan. Unlike a traditional business plan, a growth plan focuses specifically on scaling your business.

Here’s how having a structured approach can help you create and implement a growth plan, transforming your challenges into opportunities.

1. The “Why”: Knowing why you're embarking on this journey aligns your intentions and goals, providing a clear focus for your efforts. You need a vision in order to measure your success.

2. Structure: A growth plan provides an organized process for how to think about your business's future, rather than dictating what to think. This structured approach guides you through each step, making your strategic planning more efficient and effective.

3. Community: All entrepreneurs experience moments of doubt and uncertainty. Recognizing that you're not alone in these feelings can be comforting. By creating a growth plan, you will identify and open up to a community of like-minded business owners who are also striving for growth and success. Your people are out there.

4. Simplification: Having a clear focus simplifies your planning process by concentrating on one critical conversation: how to organize and grow your business. This focused approach helps you prioritize your actions and develop a comprehensive road map that manages risks and sets clear objectives.

5. A Foundation: A growth plan provides a solid foundation for exploring and implementing business strategies. Unlike a business plan, which outlines your business model and operational plans, a growth plan zeroes in on strategies for expansion and scaling.

6. Entrepreneurial Confidence: Having a structured growth plan instills confidence that you are on the right path. This confidence helps mitigate feelings of loneliness, fear, and doubt, empowering you to make informed decisions with a clear sense of direction.

7. Independent Thinking: A well-defined framework empowers you to take ownership of your thoughts and decisions. By following a structured framework, you can think independently and confidently take charge of your business’s growth.

Business Plan vs. Growth Plan: What's the Difference?

Business Plan:

- Purpose: Outlines your business model, target market, competitive analysis, marketing strategies, and operational plans.

- Focus: Provides a comprehensive overview of your business’s mission, vision, and goals.

- Scope: Covers all aspects of your business, including financial projections, management structure, and product/service offerings.

Growth Plan:

- Purpose: Focuses specifically on strategies and actions to scale and expand your business.

- Focus: Addresses how to increase market share, revenue, and operational capacity.

- Scope: Includes specific growth targets, timelines, and resource allocation to achieve expansion goals.

It's not the "plan" you wrote, when you started your business, it's the one that will make you measure your success.

Why Start a Growth Plan Now?

Creating a growth plan is essential for any small business owner looking to scale or sell, every buyer asks for one and it will increase your business value.

It provides a clear roadmap for your business’s future, helping you to stay focused and organized. Not to mention, it will increase your business value, and attractiveness with any potential buyer, investor, partner or banker.

By differentiating between your overall business plan and a targeted growth plan, you can more effectively allocate resources and measure progress.

If you've ever wished you weren't the boss, remember that a solid growth plan can provide the guidance and structure you need to lead confidently. Embrace the power of a structured approach, and take the first step towards transforming your business with a strategic growth plan.

Unlock your business’s potential and measure the success you deserve!

Sara Phelan is a business consultant, coach and trainer that helps entrepreneurs and leadership teams get strategic, overcome obstacles, and take products to market. Her expertise in business diagnostics and planning aligns vision with action. ?With over 25 years' experience maximizing organizational performance through strategic planning, leadership, operational efficiency, training and empowering people. Sara is an Award-Winning Entrepreneur, Growth Strategist and Operational leader who is passionate about setting small business owners up for success.